A new car is purchased for 24600 dollars. The value of the car depreciates at 5.5% per year. To the nearest year, how long will it be until the value of the car is 11300 dollars?

The number of years until the value of the car is 11300 dollars is 9 years.

Step-by-step explanation:

This can be calculated using the following formula:

Value of the Car = Purchase cost - (Annual depreciation expenses * N) (1)

Where;

N = Number of years until the value of the car is 11300 dollars

Purchase cost = $24,600

Annual depreciation rate = 5.5%

Annual depreciation expenses = $24,600 * 5.5% = $1,353

Value of the car = $11,300

Substituting the value into equation (1) and solve for N, we have:

$11,300 = $24,000 - ($1,353 * N)

$1,353 * N = $24,000 - $11,300

$1,353 * N = $12,700

N = $12,700 / $1,353

N = 9.38654841093865

Rounding to the nearest year as required by the question, we have:

N = 9

Therefore, the number of years until the value of the car is 11300 dollars is 9 years.

Step-by-step explanation:

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